Reported 1 day ago
A 401(k) loan allows individuals to borrow from their retirement savings, which they must repay with interest following strict rules to avoid penalties. This article outlines critical payback guidelines, including repayment period limits, interest charges, implications of leaving a job, and borrowing caps. It also discusses the pros and cons of taking such loans, emphasizing the need for careful consideration and possibly consulting with a financial advisor to navigate the impacts on retirement savings.
Source: YAHOO